Despite positive news for the asset class today from JPMorgan and Andreessen Horowitz, market participants are not buying i, although pulling back from the worst of the loses.
The bottom’s in they yell. Not just yet replies the market. Bitcoin is down nearly 3.7% at $6,436 with top alts losing greater amounts.
Other crypto is doing worse if that’s any comfort. XRP is down nearly 20% and Stellar, Cardano and Ethereum are all off 10%or more. Ethereum is valued at $212 this morning, as it struggles with ICO project promoters selling off their ERC-20 tokens, further pressuring prices.
However, crypto assets are moving off their morning lows as we write. However, it would appear that the capitulation to herald the end of the bear market is not yet at hand, or perhaps this is the next episode of the continuing downtrend. Accordingly, all eyes will be on resistance at $6,000, where defences haven’t been seriously assailed.
Crypto market cap has fallen back to $207 billion. BTC dominance sits at 53.6%.
A great day to list some new coins? Maybe not but nevertheless we hear that Circle is now providing its clients with trading in EOS, Stellar, 0x and Qtum, after announcing a few days ago its attention to do so. We like Qtum – lots of nodes running in China.
In a blog post a Circle spokesperson said: “These 4 assets were selected specifically based on their potential to contribute powerful infrastructure to the broader crypto ecosystem.”
Blockchain: it’s China v USA
Speaking of China, a report from Weiss Ratings highlights the fact that 56% of blockchain patents are owned by Chinese companies. The three Chinese companies that dominate the patents are Alibaba, Baidu and Tencent. US companies have only 22% of blockchain patents issued last year.
JPMorgan has 75 banks in its blockchain-based bank services network
JPMorgan is expanding its blockchain-based InterBank Information Network (IIN) set up last year to provide services to banks. The FT today revealed that the bank now has now has 75 bank partners.
“IIN will allow payments to reach beneficiaries faster with fewer steps and better security” JPM said when the network was launched last year
Andreessen Horowitz stablecoin play
Andreessen Horowitz has made a major investment in stablecoin MakerDAO. Stablecoins has emerged as one of the hot trends in crypto as a the favoured method for tackling volatility. MakerDAO (known as Maker) uses an elegant algo solution to dynamically adjust supply as market conditions change. The venture firm has invested $15 million, which equates to a 6% stake.
Come on ETH
Vitalik Buterin reckons Zcash’s 500 transactions per second with zk-SNARK consensus mechanism, which is nice – so do it! The “zk” in that acronym refers to zero knowledge proofing, which means being able to prove something without revealing the thing itself. The bit in capital letters stands for: Succinct Non-Interactive Argument of Knowledge. MakerDAO is down 3% today at $435.
Bitcoin is getting traction – in the Scrabble world at any rate. Bitcoin has now been included in the Merriam-Webster Scrabble dictionary.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane